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Rental Properties
 9 Months Ended
Sep. 30, 2015
Real Estate [Abstract]  
Rental Properties
Rental Properties

The following table summarizes the carrying amounts of rental properties as of September 30, 2015 and December 31, 2014 (in thousands):
 
September 30, 2015
 
December 31, 2014
Buildings and improvements
$
2,751,714

 
$
2,273,430

Furniture, fixtures & equipment
33,099

 
25,922

Land
666,015

 
617,842

 
3,450,828

 
2,917,194

Accumulated depreciation
(511,949
)
 
(465,660
)
Total
$
2,938,879

 
$
2,451,534

Depreciation expense on rental properties was $62.0 million and $46.0 million for the nine months ended September 30, 2015 and 2014, respectively.